InnovaDerma PLC Trading Statement (1145E)
02 July 2019 - 4:00PM
UK Regulatory
TIDMIDP
RNS Number : 1145E
InnovaDerma PLC
02 July 2019
LEI: 213800WRAP6W8VDL6B38
InnovaDerma PLC
("InnovaDerma", the "Company" or the "Group")
Trading Statement
InnovaDerma (LSE: IDP), a UK developer of beauty, personal care
and life science products, provides a trading update for the 12
months ended 30 June 2019.
The Board is pleased to announce that the Group has traded
strongly and results are in line with expectations for the full
year.
Revenue increased by 21% to c. GBP13m in FY2019 (FY2018:
GBP10.7m) and profit before tax is expected to be in line with
expectations, more than doubling from last year (FY2018: GBP0.67m).
Gross margins improved significantly, with a c.500bps increase
year-on-year as a result of our strong focus on stock and supply
chain optimisation.
The growth in profit reflects the agility of our business model,
which enables us to scale our stable of brands without incurring
corresponding increases in overheads.
All our brands performed well and delivered both revenue and
profit growth in the period under review. Skinny Tan in particular
contributed strongly, driven by innovative new product launches
including "Wonder Serum" and "Protect and Glow" at premium price
points and the significant increase in the retail footprint for our
core brand which is now available in 2,300 retail stores (FY2018:
1,000) including Boots, Superdrug, and Asda.
The Group's balance sheet has strengthened during the period
with strong cash generation from retail customers increasing stock
cover and continued working capital controls. This has led to
better than expected cash position in excess of GBP1.7m.
The Company will announce its final results in September
2019.
Haris Chaudhry, Executive Chairman of InnovaDerma said:
"I am very pleased to report our full-year revenue will reflect
growth of approximately 21% and we expect PBT to be in line with
expectations with profit more than doubling from last year. The
Group has made excellent progress during the year, delivered a
strong financial and operational performance, which demonstrates
our scalable business model and resilience in a challenging retail
market. Going forward, we will be focused on product innovation,
launching our brands in new territories and entering into new
categories with new product launches; the combination of which we
believe will further accelerate growth during the new FY. The Board
is very excited for the future and the opportunities which lie
ahead."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
Further enquiries
InnovaDerma
Haris Chaudhry/Joe Bayer +61 (0)3 9863 8030
Kieran Callan c/o TB Cardew +44 (0)20 7930 0777
finnCap Ltd
Geoff Nash/Giles Rolls/Kate +44 (0)207 220 0500
Bannatyne www.finncap.com
Alice Lane Ð Corporate
Broking
---------------------------
TB Cardew
Shan Shan Willenbrock/Tom Allison + 44 (0)20 7930 0777
Joe McGregor innovaDerma@tbcardew.com
---------------------------
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END
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